General Mills: profit tops view, 2020 outlook confirmed
(CercleFinance.com) - General Mills has confirmed its full-year fiscal 2020 guidance, helped by improved organic sales growth and an increased investment in its brands.
The company also posted quarterly earnings that beat analysts' average estimate, driven by its pet food category and cost savings.
General Mills' net profit came in at 581 million dollars, or 95 cents per share for the fourth quarter to 24 November, up 69% year-on-year.
Net sales of 4.4 billion dollars were flat compared to last year, although organic net sales increased by 1%, the group said.
For fiscal year 2020, ending in May, General Mills said it expects organic net sales to edge up 1% to 2%.
The company also forecast constant-currency adjusted diluted EPS that is up 3% to 5% relative to 3.22 dollars earned in fiscal 2019.
This news has sent General Mills shares up almost 2% in pre-market trading on the New York Stock Exchange on Wednesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company also posted quarterly earnings that beat analysts' average estimate, driven by its pet food category and cost savings.
General Mills' net profit came in at 581 million dollars, or 95 cents per share for the fourth quarter to 24 November, up 69% year-on-year.
Net sales of 4.4 billion dollars were flat compared to last year, although organic net sales increased by 1%, the group said.
For fiscal year 2020, ending in May, General Mills said it expects organic net sales to edge up 1% to 2%.
The company also forecast constant-currency adjusted diluted EPS that is up 3% to 5% relative to 3.22 dollars earned in fiscal 2019.
This news has sent General Mills shares up almost 2% in pre-market trading on the New York Stock Exchange on Wednesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.